Calculating the Real Value of Your Home
In the midst of all the talk about the tanking housing market, the New York Times reported this weekend not about what your home is worth, but what it should be worth, according to assorted economists. They looked at regional pockets of the U.S. and tried to calculate how much homes are overvalued there, which…
In the midst of all the talk about the tanking housing market, the New York Times reported this weekend not about what your home is worth, but what it should be worth, according to assorted economists. They looked at regional pockets of the U.S. and tried to calculate how much homes are overvalued there, which helps them figure out where and when the market might bottom out completely. Here’s some surprising news: While Miami, Phoenix and Chicago have the most overvalued homes, New York homes, at least according to the Columbia Business School, are five percent undervalued. Huh?
Finding the Right Price for a Home [NY Times]
Miami or Dumbo? Photo by Victoria Belanger.
Guys…..I’m a homeowner who purchaed in the last six months, but honestly…..saying NYC is undervalued is the dumbest thing I’ve heard in a while….Staten Island is great for the value, so is the Bronx if you can take its challenges…..all else is for people who want to live where they want to live….not a get-rich-quick scheme….homes are not selling, mortgages (especially jumbos, which describes everything in manhattan, queens and bk) are not flowing to even people with good credit, thousands of financial industry people are out of luck working down their severance packages, and we are talking about NYC being undervalued….PT barnum, where are you now……a sucker is born every minute……for obvious reasons, the real estate community is doing its usual cover-up job to keep the party going for a few months more and wrench the last few suckers into overpriced pads….prices are down only 5%, but inflation is running 5% in the opposite direction…..so tell me young mathematicians, how much did you really lose boys and girls? well known studies will tell you people will not sell emotional investments like homes for less than they paid, so inventory builds as people are more obstinate with homes than if it were a futon on ebay…sellers concessions, legal fees, closing costs paid, new kitchen packages, seller’s financing, ect and lagging housing data are all hiding the fact that in the next few months or years it will take a big haircut to get these homes moving….so if you want to stay in your million dollar pad to mentally block the fact that it is a 700 thousand dollar pad……by all means, don’t let me or the facts wake you up….
Just kidding GUYS….like I said, I own….so….NYC is undervalued by at least 25%!!
Lets get back on topic and forget about all the nonsense posted by ignorant people who want attention.
The market is in turmoil right now, but that just means for new homeowners now is the best time to find a great bargain. I’ll be moving into my brand new home on Staten Island in the next few months. I was able to get a great deal with amazing tax incentives. It’s very rare these days to find a new house that is qualified for tax abatement. Maybe this is what some of you out there may be looking for. Take a look if your interested.
http://www.opal-ridge.com/thumbgallery.asp?propertyid=4&proppageid=41
because he’s desparate for some validation of his outrageousness?
I know why the DoWhat needs to be banned but I am curious why he/she/it wants to ban themselves. That’s the more interesting aspect of the equation.
The What made some pretty offensive comments in a thread from Friday, and I’m actually quite shocked that sexual comments of that vulgarity would not be banned.
dave – I was being a little facetious and sarcastic. What type of valuable information could he possibly add to any topic. On the other hand you always have something insightful to say.
wasder: The what needs to get banned so he can escape before his 90 day prediction never comes true. Then his alter ego, DOW, can continue to post the same stupid crap without having to explain why he was wrong about the end of the world.
I have to say that the installation of the registered guest policy seems to have drastically increased the quality of discussions.
Now The What seems to be the only “person” ruining most of the threads with his 10 day old links from yahoo news.
If we could get rid of (or ignore him) I think we’d be doing even better with some great conversations (with people who can actually form complete sentences and answer questions when asked).
Zohan12 you must be coming off some bad weekend acid trip to ask for that!!!!!!